US index futures are up in premarket trading on Monday,
signaling a recovery after the previous week’s falls, which were
influenced by fears related to inflation and interest rates in the
global scenario.
By 6:47 AM, Dow Jones futures (DOWI:DJI) were up 88 points, or
0.25%. S&P 500 futures were up 0.29% and Nasdaq-100
futures were up 0.44%. The 10-year Treasury yield was at
4.148%.
On Monday’s American economic agenda, investors will follow the
speech by US Treasury Secretary Janet Yellen at 5 pm, which may
address inflationary risks.
In Germany, there was a retraction of 0.20% in the wholesale
price index in July, compared to the previous year, maintaining
last month’s trend. On an annual basis, the indicator fell by
2.8% in July, slightly lower than in June, indicating an
improvement in the year-on-year comparison.
In the Asian scenario, the markets started the week in a low
mood, reflecting the latest Chinese economic data and the growing
concern about the Country Garden construction company. The
latter announced a pause in the trading of eleven domestic
titles.
Additionally, the Japanese yen fell below the 145 to the dollar
mark for the first time since November 2022. This raises the
possibility of an intervention by the Bank of Japan, as the
currency has lost strength against the dollar since July.
In the commodities market, West Texas Intermediate crude for
September fell -0.43% at $82.83 a barrel. Brent crude for
October fell 0.40% near $86.46 a barrel. Iron ore futures
traded in Dalian, China, fell 0.41% to $99.65 a tonne.
At Friday’s close, the Dow rose 0.30% to 35,281.40
points. The S&P 500 fell 0.11% to a one-month closing low
of 4,464.05 points. The Nasdaq Composite fell 93.14 points or
0.56% to 13,644.85 points, also ending the session at its lowest
closing level in more than a month.
The two main factors that moved the markets were loans in China,
which fell sharply in July, and the US producer inflation index
(PPI), which increased more than expected. The inflation rate
increased by 0.3% from the previous month, beating the market
forecast of 0.2%. This increase was also reflected in the core
inflation, which rose 0.3%, surprising compared to the expectation
of 0.2%. In addition, the University of Michigan consumer
confidence index showed two contradictory trends: a decrease in
inflation expectations and, at the same time, a deterioration in
optimism regarding economic activity. This mixed data resulted
in increased volatility throughout the day across markets, but
cautious investor sentiment towards risk remained unaffected.
Ahead of Monday’s corporate results, traders await reports from
Hut 8 (NASDAQ:HUT), Jinko Solar (NYSE:JKS), Embraer (NYSE:ERJ),
Monday.com (NASDAQ:MNDY), Li-Cycle (NYSE:LICY), Rockwell Medical
(NASDAQ:RMTI), before market opening. After the closing, the
results of Suncor Energy (NYSE:SU), Canoo (NASDAQ:GOEV), Navitas
(NASDAQ:NVTS), Rumble (NASDAQ:RUM), Getty Images (NYSE:GETY), among
others, will be released.
Wall Street Corporate Highlights for Today
Apple (NASDAQ:AAPL), Foxconn (USOTC:FXCOF)
– Foxconn, which manufactures Apple’s iPhones, reported a slight
drop in second-quarter earnings, but beating
expectations. Despite a 14% decline in revenue and narrowing
margins, the stock rallied on better-than-expected
results. The company projected improvement in the performance
of its consumer electronics division in the third quarter, although
it may still not reach the level of last year. Apple shares
were up 0.46% in premarket trading on Monday.
Okta (NASDAQ:OKTA) – Okta stock was up
4.2% in premarket trading on Monday to hit $74.38 after receiving a
rating upgrade to “Buy” from “Sell” by Goldman Sachs, which also
raised the price target to $91 from $77.
United States Steel (NYSE:X) – United
States Steel announced a formal review to evaluate strategic
options after receiving unsolicited bids for parts or all of its
businesses. The review comes after several offers and involves
financial and legal
advisors. Rival Cleveland-Cliffs (NYSE:CLF)
also made an offer, dismissed by the US Steel board as
“unreasonable”. US Steel, facing higher costs, has seen strong
demand for its products and plans to buy back shares.
Chevron (NYSE:CVX) – The Australian labor
regulator has opened up the possibility of a strike at Chevron’s
Wheatstone platform, should workers vote in favour. This
raises concerns about disruptions to the country’s exports.
Southwest
Airlines (NYSE:LUV), Boeing (NYSE:BA)
– The US FAA and National Transportation Safety Board are
investigating a near collision between a Southwest Airlines Boeing
737 and a Cessna Citation 560X jet in San Diego. The incident
is part of a troubling series of events in American
aviation. The FAA reported that the Cessna was cleared to land
while the Boeing taxied. The surveillance system alerted and
the FAA will send a team to investigate. Southwest is
cooperating with the review.
Ford Motor (NYSE:F) – Ford’s Brazilian
unit signed a transfer agreement with the government of Bahia to
transfer the factory complex closed since 2021. The agreement
includes financial compensation compatible with the market, without
disclosing amounts. Electric vehicle
manufacturer BYD (USOTC:BYDDY) has
expressed interest in the complex and is in negotiations with the
government of Bahia. BYD is planning investments in Camaçari,
but it is unclear whether it involves the Ford area.
Nikola (NASDAQ:NKLA) – Nikola is recalling
and suspending sales of its electric trucks after battery coolant
leaks cause fires. With 209 vehicles affected, the company
contacted those involved and seeks to resolve the problem. The
change comes after thermal incident and supply challenges and
security measures were requested from customers. The company
focuses on hydrogen fuel cell trucks after supply challenges.
Tesla (NASDAQ:TSLA) – Tesla reduced prices
on its Long Range and Performance versions of the Model Y in China
effective Aug. 14, according to a company statement on
Monday. Starting prices for both models have been cut by
$1,934.58, with the Model Y Long Range down 4.5% and the Model Y
Performance price down 3.8%. Tesla also announced insurance
subsidies for buyers of the rear-wheel drive Model 3 between August
14 and September 30 in China.
General Motors (NYSE:GM) – GM received a
rating upgrade to “Outperform” by RBC Capital, at a price target of
$36.84. Analysts believe GM should benefit from the Inflation
Reduction Act credits and reduce battery costs in the long run.
Stellantis (NYSE:STLA) – Chrysler parent
Stellantis sharply criticized the demands of the United Auto
Workers (UAW) union on Friday, stressing the need for economic
realism. Stellantis director of operations in North America,
Mark Stewart, said they are looking for a deal based on
reality. The UAW is seeking bold improvements, including pay
increases and pension restoration. Current negotiations are
aimed at improving efficiency and reducing fixed costs.
Yellow Corp (NASDAQ:YELL) – Former
customers of the defunct Yellow Corp trucking company could face
rate increases of 10% to 20%, compared to pre-closure levels after
nearly a century of operation. Yellow had rates 10%-20% below
rivals. Rivals now benefit and increases may persist due to
lesser competition.
Mastercard (NYSE:MA) – MTN
Group (USOTC:MTNOY), Africa’s largest wireless
operator, announced that Mastercard will acquire a minority stake
in its financial technology business, valued at $5.2
billion. The agreement encompasses a commercial payment and
remittance arrangement and the investment in the minority
interest. This reflects the growing adoption of mobile
financial services in Africa, opening up opportunities in the
fintech sector.
UBS (NYSE:UBS) – Retail investors who
faced losses from UBS’ March acquisition of Credit Suisse are
expected to file a lawsuit contesting the deal, the Financial Times
revealed on Sunday. The Swiss Investor Protection Association
will represent around 500 investors in Zurich’s commercial court,
filing the case on Monday.
Citigroup (NYSE:C) – Citigroup US has
finalized the sale and transfer of its consumer businesses in
Taiwan to DBS Group (USOTC:DBSDY) of Singapore, as announced on
Monday. The transfer includes retail banking, credit cards,
mortgages, unsecured loans and approximately 3,000 employees,
freeing up $1.2 billion in capital. Citi’s institutional
business in Taiwan was not affected. Citi intends to exit
consumer banks in 14 global markets.
Goldman Sachs (NYSE:GS) – David Solomon,
leader of Goldman Sachs, has faced pressure for his role at the
company, but a controversial interaction with university students
in his role as chairman has caught the eye. A group of
Hamilton College students accused Solomon of ignorance and
disrespect after a conversation about the school’s investments in
fossil fuels. Students claimed that Solomon indicated that he
did more for climate change in a week than they would in a
lifetime, referring to his wealth and position. The episode
reflects growing tensions over Solomon’s management style and the
backlash to his ESG approach.
Fox Corp (NASDAQ:FOX) – Fox said Chief
Legal Officer Viet Dinh is leaving following the $787.5 million
deal with Dominion Voting Systems in April related to election
coverage. Dinh led legal divisions during the
process. Host Tucker Carlson also split in April. Dinh
will receive $23 million and will continue as a special
adviser.
WeWork (NYSE:WE), Amyris (NASDAQ:AMRS), Proterra (NASDAQ:PTRA)
– WeWork, formerly valued at $47 billion, now facing financial
difficulties, along with Amyris and Proterra, has attracted
speculative bets from retailers. Its three-cent shares rose
between 40% and 120% after hitting record lows. Amyris has
filed for bankruptcy, Proterra has filed for Chapter 11 bankruptcy,
and WeWork has warned of the possibility of
bankruptcy. Volatility attracts investors, online trading and
Reddit forums influencing decisions.
Wayfair (NYSE:W) – Wayfair has been
upgraded from “Neutral” to “Buy” by UBS, with a price target of
$83.09, citing the degree of positive profit the company is likely
to generate in the coming periods.
Dell Technologies (NYSE:DELL) – The
Federal Court of Australia on Monday ordered Dell to pay a fine of
$6.46 million for misleading representations about discounts for
computer monitors on its website. Dell Australia sold more
than 5,300 monitors at steep discounts, leading to significant
penalties and refunds for affected customers.
Wynn Resorts (NASDAQ:WYNN) – Wynn Resorts
is terminating its online sports betting and iGaming operations,
WynnBET, in several US states due to a lack of clear regulation and
high customer acquisition costs. The company will cease
operations in several states, including Arizona, Colorado and West
Virginia, citing regulatory challenges and marketing
costs. Operations in Nevada and Massachusetts will remain,
while New York and Michigan are under review.
YouGov (LSE:YOU) – Britain’s YouGov is
considering listing in its “natural” market in the United States
following an acquisition that doubled its size, non-executive
chairman Stephan Shakespeare told the Financial Times. . The
company may change its primary or secondary US listing after
acquiring GfK’s consumer panel business for $342
million. However, YouGov stated that it has not made a final
decision on the US listing in the near term.
AMC Entertainment (NYSE:AMC) – AMC stock
plunged 27.2% in premarket trading on Monday following approval for
the planned conversion of AMC Preferred Equity Units (APE) into
common stock, while APE units rallied 30%. AMC seeks to
convert preferred stock units into common stock and perform a
10-to-1 reverse split for fundraising.
McDonald’s (NYSE:MCD) – McDonald’s has
quietly removed the term “ESG” from parts of its website, amid
criticism from conservative US politicians of environmental, social
and governance initiatives. The fast-food “Purpose &
Impact” page removed mentions of ESG, and is now called “Our
Approach & Progress”. The network did not comment, but
affirmed its ongoing commitment to annual reporting of social and
environmental targets.
Sony (NYSE:SONY) – Six major record
labels, including Sony Music Entertainment, have filed a lawsuit
against the Internet Archive, accusing the non-profit organization
of posting thousands of old songs and recordings online without
permission. The lawsuit alleges that this amounts to
large-scale theft of copyrighted music and lists a number of
infringing recordings. The labels are seeking removal of the
recordings and damages of up to $150,000 for infringed work,
totaling $372 million. The Internet Archive maintains a vast
digital collection of music and other media.
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